Data Solutions
Data governance in finance must go beyond control — it’s about creating trust in every number. By embedding accountability, standardisation, and automation, financial data becomes a strategic asset rather than a reporting burden.
Finance Data Governance Model for a Government Agency
Challenge
An APAC-based government agency’s finance department was struggling with outdated, manual, and error-prone data management processes.
Key issues included:
Reliance on spreadsheets and manual reconciliations that slowed financial reporting.
Inconsistent data definitions and fragmented systems across departments.
Limited visibility into financial performance and weak KPI frameworks.
Poor data quality and lack of ownership, making audit readiness and regulatory compliance difficult.
The challenge was to design and implement a Finance Data Governance Model that modernised how financial data was defined, owned, secured, and used — establishing trust, transparency, and consistency across all financial reporting and decision-making processes.
Solution
Harmonic Strategy was engaged as Lead Consultant to architect and operationalise a robust Finance Data Governance Framework.
The model established clear ownership, control, and accountability across the full data lifecycle — from capture to consumption.
Ownership & Accountability
Defined tiered data stewardship roles — Data Owners (senior finance leaders) and Data Stewards (operational managers).
Implemented escalation paths for rapid issue resolution and accountability.
Established a Finance Data Council to oversee compliance and prioritisation of data initiatives.
Standardised Data Definitions & Master Data Management
Built a Finance Data Dictionary covering all key metrics — Net Revenue, EBITDA, CapEx, etc.
Designed master data management (MDM) policies for chart of accounts, cost centres, and vendor/customer identifiers.
Aligned definitions and structures with IFRS and internal accounting policies.
Data Quality & Control
Introduced automated Data Quality Dashboards tracking accuracy, completeness, and timeliness.
Embedded rule-based validations within ETL workflows to prevent duplication and outlier distortion.
Established root cause analysis and remediation workflows tied to data ownership.
Security & Access Management
Implemented role-based access controls (RBAC) ensuring principle of least privilege.
Designed audit logs for all data transactions and access.
Embedded compliance controls aligned with SOX, GDPR, and local privacy mandates.
Integration & Lifecycle Management
Mapped source-to-report data lineage, documenting transformation logic between ERP, BI, and financial reporting layers.
Designed lifecycle policies for data retention, archival, and purging.
Established system integration standards to ensure data consistency across interfaces.
Governance Operating Model & Culture
Created a Finance Data Council Charter defining meeting cadence, issue management, and reporting lines.
Integrated governance checkpoints into all new system and process changes.
Rolled out staff literacy programs to build awareness of governance importance and improve adoption.
Key Deliverables
Finance Data Governance Framework
Data Ownership & Stewardship Model
Finance Data Dictionary and Policy Handbook
Data Quality Management Dashboard
Source-to-Report Data Lineage Documentation
Finance Data Council Charter and Operating Model
Client Benefits
Reduced financial reporting cycle times through automated quality checks and lineage clarity.
Improved decision-making accuracy with standardised KPIs and definitions.
Strengthened compliance with internal audit and external regulatory requirements.
Increased transparency and accountability through clear ownership structures.
Built a data-driven culture across finance functions through governance training and visibility.